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Big Walnut board authorizes library bonds and bond refunding; transfer from general fund to debt retirement fails
Summary
The board approved a $19 million bond issue for the Sunbury community library and authorized a refunding (not to exceed $9,565,000) to realize debt-service savings; a proposal to transfer $3,026,730.65 from the general fund to debt retirement failed after debate about timing and pending state legislation.
The Big Walnut Local School District Board of Education voted Nov. 17 to authorize issuance of bonds not to exceed $19,000,000 to renovate and expand the Sunbury community library and to approve a separate refunding resolution for an amount not to exceed $9,565,000 to refinance portions of prior bond issues.
Treasurer Scott told the board the refunding is expected to achieve net present value savings (the discussion referenced a roughly 4.23% NPV figure) and noted the district can realize additional efficiencies by combining the library issuance…
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